The Pentagon Federal Credit Union, better known as PenFed, has launched a credit card designed for not only the most frequent traveler but also those that travel with the family just a few times a year. The PenFed Premium Travel Rewards American Express® Cardrewards cardholders with a large number of special offers and amenities, the largest of which comes in the form of 20,000 bonus points. The bonus points are earned have a new member has successfully signed up and spent at least $650 in purchases during the first three months – that’s worth $200 toward your next round-trip airline ticket. This card also comes with a Free LOUNGE CLUB(TM) membership which provides worldwide airport lounge access, but only when you spend $15,000 on the Card within a calendar year.
Breaking down the PenFed Premium Travel Rewards American Express Card even further, rewards points are earned on the following three levels:
- 5 points for every dollar spent on airfare
- 1 point for every dollar spent on all other purchases
In addition to a great rewards program, the PenFed Premium Travel Rewards American Express® Card also sports one of the best balance transfer offers you can find today. Approved applications will receive an intro APR of 4.99% on balance transfers for the life of the balance and that also comes with a 3% balance transfer fee ($250 max). Nearly all of the other balance transfer cards available carry a 0% APR for less than 24 months AND have a 3% balance transfer fee with no maximum amount, so depending on how quickly you expect to pay your previous credit card balance, the PenFed Premium Travel Rewards American Express Card may be your best option.
Unfortunately, not everything about this card is top notch, as there are two clear drawbacks to owning the PenFed Premium Travel Rewards American Express Card. They are:
- You must be a member of the PenFed Credit Union in order to apply. This is done if you or a member of your family is associated with the Military or Red Cross. If that doesn’t apply, a $20 donation will allow you to become a PenFed member.
- There is no annual fee
All things considered, if you find yourself frequently using your credit card, or are in need of a great balance transfer offer then a $50 fee and $20 initial donation (if necessary) may be nothing when compared to the amount of money and rewards you can earn by signing up for the PenFed Premium Travel Rewards American Express® Card.